Oyetola: Reforms Drive 160% Surge in Marine Revenue

ZAINAB JUNAID

The Federal Ministry of Marine and Blue Economy has recorded a 160 per cent increase in revenue generated by its agencies, rising from ₦700.79 billion in 2023 to approximately ₦1.83 trillion by the end of 2025.

Honourable (Dr.) Adegboyega Oyetola, the Minister of Marine and Blue Economy, made this known on Thursday in Lagos during the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat.

He attributed the significant growth to a series of reforms aimed at enhancing transparency, strengthening regulatory oversight, and improving revenue assurance mechanisms across the sector.

The minister said the ministry’s renewed focus on digitalisation and efforts to block revenue leakages have played a key role in boosting performance.

“In 2023, our agencies generated ₦700.79 billion. By the end of 2025, this figure had risen to approximately ₦1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” the minister said.

He noted that the stakeholder engagement reflects the ministry’s commitment to inclusive and results-driven governance, adding that such platforms help align policy direction with implementation and public expectations.

The minister further linked the improved revenue performance to broader reforms in the sector, including ongoing port modernisation initiatives, the approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and measures to boost indigenous participation in maritime activities.

Stakeholders at the event, comprising terminal operators, shipowners, trade associations, and members of the diplomatic corps, commended the ministry’s performance. They described the development as evidence of growing institutional discipline and increased investor confidence in Nigeria’s marine and blue economy.

The engagement brought together key industry players and policymakers to review progress and chart the course for sustained sectoral growth.